Core Viewpoint - Linglong Tire (601966.SH) is progressing as planned with the construction and capacity ramp-up in Serbia, with significant milestones achieved in both semi-steel and full-steel production lines [1] Group 1: Production Capacity - As of now, the semi-steel capacity ramp-up has reached 70% of the planned capacity, while the full-steel capacity has reached 50% [1] - The company expects to complete the installation of 12 million semi-steel and 2.4 million full-steel tire production lines by the end of the year [1] - Full production targets are anticipated to be achieved in the first half of next year [1]

Group 1 - The company has announced that some of its products have obtained FSC certification [1] - The company plans to expand FSC certification to more core products, raw materials, and packaging based on market trends, customer demands, and supply chain conditions [1] - The goal is to steadily increase the overall coverage of FSC certification [1]

Core Viewpoint - The company has received inquiries regarding the sales targets for its FSC-certified tire products and plans for domestic promotion in the future [1] Group 1: FSC Certification and Sales Strategy - The company currently has some products that have obtained FSC certification [1] - Future plans include expanding FSC certification to more core products, raw materials, and packaging based on market trends, customer demands, and supply chain conditions [1] - The goal is to steadily increase the overall coverage of FSC certification while maintaining existing certification achievements [1]

Group 1 - The article emphasizes the importance of Yantai as a pioneer in promoting green, low-carbon, and high-quality development, aligning with national expectations for Shandong's development [1][2] - Companies are encouraged to enhance their core competitiveness by integrating green development concepts throughout the entire industrial chain, focusing on energy conservation, emission reduction, and efficiency improvement [1] - The need for technological innovation is highlighted, with a call for breakthroughs in key green manufacturing technologies and collaborative efforts across the industry to reduce carbon emissions [1][2] Group 2 - The article calls for companies to actively engage in green circular transformation and to create "waste-free enterprises" and green factories, making sustainability a core aspect of their development [1] - There is a strong emphasis on the role of enterprises in contributing to the establishment of Yantai as a model city for green, low-carbon, and high-quality development, showcasing corporate responsibility and commitment [2] - The collective effort of various industry leaders is noted, indicating a unified approach towards achieving these developmental goals [3]

山东玲珑轮胎股份有限公司 2025 年第三次临时股东会会议资料 山东玲珑轮胎股份有限公司 2025 年第三次临时股东会 会议资料 （股票代码：601966） 二〇二五年十一月十二日 1 | | | 山东玲珑轮胎股份有限公司 2025 年第三次临时股东会会议资料 2025 年第三次临时股东会会议议程 一、会议召开的基本事项 （一）会议召集人：公司董事会 （四）现场会议地点：山东省招远市金龙路 777 号玲珑轮胎办公楼会议室 （五）股权登记日：2025 年 11 月 5 日（周三） （六）会议召开及表决方式：现场和网络结合方式 （七）会议出席对象 （二）现场会议召开时间：2025 年 11 月 12 日（周三）14:00 （三）网络投票时间： 1、采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间 为股东会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00。 2、通过互联网投票平台的投票时间为股东会召开当日的 9:15-15:00。 1、股权登记日收市后在中国证券登记结算有限责任公司上海分公司登记在 册的公司股东或其代理人； 2、公司董事和高级管理人员； 3、公 ...

Core Points - The controlling shareholder, Linglong Group, plans to increase its stake in Shandong Linglong Tire Co., Ltd. by investing between RMB 200 million and RMB 300 million over a six-month period starting from May 7, 2025, to stabilize the stock price and protect shareholder interests [2][3] - From May 7 to October 30, 2025, Linglong Group successfully acquired 13,295,095 A-shares, representing approximately 0.91% of the total share capital, with a total investment of RMB 200 million [2][4] - The share buyback plan was executed in compliance with relevant laws and regulations, and did not lead to any changes in the company's controlling shareholder or actual controller [5][6] Summary of Implementation - The buyback plan was completed within the stipulated six-month period, and the total shares acquired did not exceed 2% of the company's total share capital [5] - Linglong Group did not reduce its shareholding during the buyback period and completed the plan as intended [4][5] - Legal opinions confirm that Linglong Group is qualified to be a shareholder and that the buyback complies with applicable laws and regulations [6]

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1] Core Views - The chemical industry is expected to experience a recovery in demand, driven by government policies aimed at stabilizing growth and transforming the industry [4][5] - The demand for chromium salts is anticipated to rise significantly due to increased orders for gas turbines and commercial aircraft engines in Europe and the US, leading to a projected supply gap by 2028 [8] - The report highlights the potential for high dividend yields and improved cash flow for leading companies in the chemical sector as capacity expansion slows down globally [4] Summary by Sections Industry Performance - The basic chemical sector has shown a performance increase of 23.0% over the past 12 months, outperforming the CSI 300 index [2] Government Initiatives - A joint announcement from seven government departments outlines a plan for stable growth in the petrochemical industry, targeting an average annual growth of over 5% in value-added output from 2025 to 2026 [5] Market Dynamics - The price of chromium salts is on the rise, with significant increases noted in the prices of chromium metal and chromium oxide in October 2025 [8][18] - The report indicates that the chemical industry is transitioning from a "cash-consuming" phase to a "cash-generating" phase, with a focus on high-quality development and innovation [4][5] Investment Opportunities - Key investment opportunities identified include low-cost expansion in leading companies, improving market conditions for chromium salts, and high dividend yields from state-owned enterprises [9][10][11]

Core Viewpoint - The company reported its Q3 2025 earnings, showing a mixed performance with revenue growth but a significant decline in net profit [1] Financial Performance - For the first three quarters of 2025, the company achieved revenue of 18.16 billion yuan, a year-on-year increase of 13.9% [1] - The net profit attributable to shareholders was 1.17 billion yuan, down 31.8% year-on-year [1] - The adjusted net profit was 1.02 billion yuan, a decrease of 26.7% year-on-year [1] - In Q3 2025, the company reported revenue of 6.35 billion yuan, with year-on-year and quarter-on-quarter increases of 14.0% and 3.8%, respectively [1] - The net profit for Q3 was 310 million yuan, reflecting a year-on-year decline of 60.2% and a quarter-on-quarter decline of 39.1% [1] - The adjusted net profit for Q3 was 250 million yuan, down 46.3% year-on-year and 48.9% quarter-on-quarter [1] Gross Margin and Production - The gross margin for Q3 2025 was 18.0%, an increase of 2.0 percentage points quarter-on-quarter, driven by higher sales prices and lower raw material costs [2] - The average price per tire increased by 3.1% quarter-on-quarter, while the procurement costs for key raw materials decreased by 7.4% [2] - For the first three quarters of 2025, tire production reached 69.79 million units, up 6.2% year-on-year, and sales were 67.48 million units, up 10.0% year-on-year [2] - In Q3, tire production was 23.90 million units, with year-on-year and quarter-on-quarter increases of 7.0% and 4.5%, respectively [2] - Tire sales in Q3 were 23.10 million units, reflecting year-on-year and quarter-on-quarter increases of 7.8% and 0.5%, respectively [2] Global Expansion Strategy - The company announced a planned investment of 1.19 billion USD to establish a tire production project in Brazil, which includes various tire types and liquid reclaimed rubber [2] - This project marks the company's third overseas factory, following Thailand and Serbia, and represents a significant step in its "7+5" global strategy [2] Earnings Forecast and Investment Recommendation - The company is projected to achieve revenues of 25.34 billion, 28.92 billion, and 32.47 billion yuan for 2025-2027, with year-on-year growth rates of 14.9%, 14.1%, and 12.3%, respectively [3] - The net profit attributable to shareholders is expected to be 1.58 billion, 1.99 billion, and 2.87 billion yuan for the same period, with year-on-year changes of -9.6%, +25.7%, and +44.3% [3] - Based on the closing price on October 31, the corresponding PE ratios are projected to be 14, 11, and 8 times, with a "recommended" rating for the first coverage [3]

证券代码：601966 证券简称：玲珑轮胎 公告编号：2025-075 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 已披露增持计划情况：基于对山东玲珑轮胎股份有限公司（以下简称"公 司"）未来发展的信心和价值的认可，以及为维护股价稳定和股东利益，公司控 股股东玲珑集团有限公司（以下简称"玲珑集团"）计划自 2025 年 5 月 7 日起（含 当日）6 个月内，以自有资金和自筹资金（包含股票增持专项再贷款）通过上海 证券交易所交易系统增持公司股份，累计增持金额不低于人民币 2 亿元不超过人 民币 3 亿元。本次增持计划不设定价格区间，将根据公司股票价格波动情况及资 本市场整体趋势，择机逐步实施增持计划。 增持计划的实施结果：2025 年 5 月 7 日至 10 月 30 日期间，玲珑集团以 自有资金和自筹资金（包含股票增持专项再贷款）通过上海证券交易所集中竞价 方式增持公司 13,295,095 股 A 股股份，占公司总股本的比例约 0.91%，累计增 持金额 2 亿元，本次增持计划已实施完毕。 | ...

北京市中伦（青岛）律师事务所 关于山东玲珑轮胎股份有限公司 控股股东增持公司股份的 专项核查意见 二〇二五年十月 北京市中伦（青岛）律师事务所（以下简称"本所"）接受山东玲珑轮胎股 份有限公司（以下简称"玲珑轮胎"或"公司"）的委托，就玲珑轮胎的控股股 东玲珑集团有限公司（以下简称"玲珑集团"或"增持人"）增持公司 A 股股票 的相关事项（以下简称"本次股份增持"）出具《北京市中伦（青岛）律师事务 所关于山东玲珑轮胎股份有限公司控股股东增持公司股份的专项核查意见》（以 下简称"本核查意见"）。本所律师根据《中华人民共和国公司法》(以下简称《公 司法》)、《中华人民共和国证券法》(以下简称《证券法》)、《上市公司收购管 理办法（2025 修正）》(以下简称《收购管理办法》)、《上海证券交易所上市公司 自律监管指引第 8 号——股份变动管理（2025 年 4 月修订）》等中国（为本核查 意见之目的，不包括香港特别行政区、澳门特别行政区、台湾地区）法律、法规、 规章、规范性文件的规定，对出具本核查意见有关的文件资料进行了必要的核查 验证。按照律师行为公认的业务标准、道德规范和勤勉尽责精神，对玲珑轮胎提 供的有关文件 ...